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Bond Requirements For Public Projects Using Private Financing

Concerning bonding requirements for contractors that are a party to certain public-private initiatives.
2019 Regular Session
Local Government
State Government
Bill Summary

Contract performance and payment bonds. Under current law, when a person, company, firm, corporation, or contractor (contractor) enters into a contract with a county, municipality, school district, or, in some instances, any other political subdivision of the state, to perform work in connection with a project that has specified characteristics, the contractor is required to execute performance bonds and payment bonds.

The act specifies that some of these bonding requirements apply to certain construction contracts situated or located on publicly owned property using public or private money or public or private financing.

(Note: This summary applies to this bill as enacted.)


Became Law


Bill Text

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details